South Korea is reportedly “considering” a ban on cryptocurrency exchange as lawmakers criticize it as “deceptive,” CoinTelegraph reported.
According to local news outlet Hankyung, the government is currently looking at changes to the law which would effectively criminalize exchanges in a method similar to China.
“We are actively considering ways to prohibit transactions on domestic exchanges by judging virtual currency trading as a deceptive means of defrauding people under the penal code," the publication quotes an official as saying.
The official said “ this requires serious reviewing and regulation of virtual money traders.”
The latest announcements capitalize on a slew of negative regulatory steps against Bitcoin (TIKER: BTC.EXANTE) from Korea in recent weeks.
Previous information stated the government’s position on exchanges as requiring citizens on have only one account linked to their real identity.
South Korea is estimated to account for about 12 percent of global Bitcoin demand. The figure is the third highest after Japan and the US with 49 and 27 percent according to market tracker Coinhills.